Hedge fund Millennium's average pay keeps falling in London as it keeps hiring non-investment staff
Working for a big hedge fund like Millennium can be pretty fun. The firm’s assets under management are growing, and there are jobs paying $100m going around. Most jobs, though, do not pay this much.
Click here to join the bubble by eFinancialCareers, our new anonymous community. ✍️
Accounts released earlier this week for Millennium Capital Partners LLP and Millennium Capital Management Ltd, the firm’s main two London subsidiaries, showed that the average employee at Millennium in the UK does not receive a very, very large amount.
Millennium paid its London staff £671k ($892k) on average for the year ending 2025. This was third year in a row that pay declined: from £1.1m ($1.5m) in 2022, to £776k ($1.03m) in 2023, and to £717k ($953k) in 2024. In the past four years, therefore, average pay at Millennium in London has fallen by almost 40%.
This is unlikely to be the result of individual pay cuts. Instead, the firm has been skewing headcount in favour of non-investment staff, who usually cost less money. Last year, for example, the firm cut 31 investment professionals and hired 52 support staff. In the past four years, the percentage of investment staff went from around 55% to around 47%.
Members at Millennium, also known as partners, have fared better. Members are usually senior portfolio managers. Millennium’s London partners earned £8.1m ($10.8m) each on average for their 2025 work, up two-thirds from the £4.9m ($6.5m) they earned on average in 2024, measured as total partner remuneration, divided by the number of partners.
It's worth noting that Millennium Capital Partners LLP has 33 partners, of which two were corporates: Millennium Capital Management Ltd, and MCM (UK) LLC, a Delaware-listed firm. It's possible that a significant chunk of the member profit pot, up to £35m ($47m), went to one of these members. Other London partners include Gauthier Amiot, Millennium's deputy head of global volatility arbitrage, and Nicolas Meiller, formerly an Eisler trader.
Turnover for the group increased to £1.5bn ($2.1bn) in 2025, up from £1.4bn ($1.9bn) in 2024. Operating profit for the year increased more dramatically from £274m ($362m) to £430m ($568m).
Fascinatingly, Millennium Capital Management Ltd. noted that it “has implemented additional LED lighting and passive infrared sensors in some London office locations.” It also noted that its employees are “the single most important element in determining the success of the business.”
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate.
